Charlotte, Gastonia and Rock Hill FHA Loans

Right now is a great time to apply for FHA loans in Charlotte, Gastonia and Rock Hill. If you are considering relocating to anyone of these cities, with an FHA loan you’ll be able to take advantage of huge savings. The Federal Housing Administration (FHA) has been helping Americans afford homes for over seventy years through its home loan guaranty program. Today the benefits are even greater than ever, making the loan process simple and affordable for those who qualify.

Conventional Loans vs. FHA Loans

When you apply for an FHA loan in North Carolina, you will be able to take advantage of really great savings that you would not find with a conventional loan. For example, right now conventional loans require around 20% for a down payment. The FHA, on the other hand, only charges 3.5%. The FHA is also quite lenient regarding where this payment comes from. You have the option of supplying the down payment yourself or having a friend, employer or charitable organization provide it for you.

Additional Benefits

In addition to much lower upfront costs, you will also save money on the overall expense of the loan when you go through the FHA. With an FHA loan you will be able to take advantage of really competitive interest rates. You may even be able to negotiate with your lender for a rate that is below the current mortgage market rate. Additionally, you won’t have to pay for any private mortgage insurance (PMI) because you will already be insured by the Federal Government.

Eligible Houses

For a standard FHA loan, the houses that are eligible can be one to four-unit properties that fall below the county’s loan limits. If you have a house that needs a lot of repair work done to it, you can apply for a 203(k) mortgage. The 203(k) rolls the cost of acquisition, repairs and final value into one affordable loan. There is also an Energy Efficiency Mortgage (EEM) for people looking to buy a new house and upgrade the utilities.

Get Pre-approved Today!

We have a team of North Carolina FHA home loan specialists who would be happy to help you get started on the path to homeownership today. Fill out our online form and we’ll have you pre-approved instantly for free.

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